You might like: GBTC Struggles!

The company accused the country of engaging in unfair and oppressive criminal investigations and wrongful, politically motivated actions. The arbitration case seeks $3 billion from the Republic of Bulgaria.

The company sent an email on Wednesday explaining the matter.

The case was closed in December by the Bulgarian Prosecutor’s Office due to insufficient evidence and no evidence. There was a widespread restriction on cryptocurrency-related activities following the collapse of many cryptocurrency companies, including the sudden collapse of the FTX exchange.

Nexo claimed that the investigation damaged its brand value and led to the loss of certain business opportunities, such as a potential initial public offering (IPO) in the United States.

The allegations were filed with the International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC, which is a part of the World Bank.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post Nexo sues Bulgaria for $3 billion appeared first on Coin Engineer.